Beets v. Renegotiation Board
United States Tax Court
C. J. Thorson and his son, George O. Thorson, organized a partnership in 1949 under the name of The Thorson Company to do business as a manufacturer's representative, selling products for airborne application and to render sales-engineering services. By January 1, 1952, they decided to convey their respective interests to petitioners, who were C. J.'s daughters and George's sisters.
Read the full summary
C. J. Thorson and his son, George O. Thorson, organized a partnership in 1949 under the name of The Thorson Company to do business as a manufacturer's representative, selling products for airborne application and to render sales-engineering services. By January 1, 1952, they decided to convey their respective interests to petitioners, who were C. J.'s daughters and George's sisters. C. J. and George were paid reasonable compensation as employees in 1954, as were two other sales engineer employees, all of whom performed personal services on behalf of the partnership and for its principals.…
1Opinion of the Court
OPINION.
Turner, Judge:
Respondent determined that the Thorson Company realized $15,000 excessive profits in 1954. Petitioners have instituted this proceeding alleging that no part of the profits realized by the partnership in 1954 was excessive within the meaning of the Renegotiation Act of 1951, as amended. Respondent makes no claim that the profits in excess of $15,000 were excessive.
This is a de novo proceeding and the Court, from the evidence of record, guided by the Renegotiation Act, the rules and regulations promulgated by the respondent pursuant to the Act, and the Court’s own…
2Cases cited8 opinions
- Stein Bros. Mfg. Co. v. Secretary of WarUnited States Tax Court · 1946
- Boeing Co. v. Renegotiation BoardUnited States Tax Court · 1962
- Greaves v. War Contracts Price Adjustment BoardUnited States Tax Court · 1948
- Vaughn Machinery Co. v. Renegotiation BoardUnited States Tax Court · 1958
- Finnie Co. v. United StatesUnited States Tax Court · 1959
3 more not listed; retrieve them via the Exa API.